Great day on eurusd

Today was a great day on eurusd, but not so obvious at first. Let’s look at bigger picture. SP500 cut Italy’s rating and eurusd tanked – that was yesterday. Add to this fact that eurusd is in a downtrend so it is hard to take a long position. In a long term yes but when you are daytrading then you can take a risk. Today was a good day for that because on lower time frames we saw an uptrend and some corrections down.

In the morning there was a great setup – move up, correction to 61.8% retracement and 55 simple moving average and then move up to the extension line. Pure and simple.

eurusd – 1st good trade opportunity

The next trade opportunity was after some sideway movement. Entry point was the close below 0% line. As you can see, this was a pretty strong (a litte choppy) move way up to the 261.8% extension line:

eurusd – breakout after sideway move

You could find many similar trades like that later, like the one below:

What is Market Survival?

Market Survival is a place where you can learn how to trade better by using Fibonacci tools such as Fibonacci retracement, Fibonacci extension and others.
For many years I was a really bad trader.Now I am profitable and I want to help you. Read more about me.

The goal of marketsurvival.net is to teach you about trading techniques. We do not give any recommandations about buying or selling any stock or currency pair. Please make all trading decisions based on your trading plan.